The cryptocurrency industry has felt calm before anticipated storms in the coming weeks. Bitcoin’s (BTC) price briefly pumped above $63,000 in the past few days but has since stabilized around $62k on Wednesday.
The altcoin industry is expected to register heightened volatility amid the high-impact news on the Consumer Price Index (CPI) from the United States Bureau of Labour Statistics later today.
However, the anticipated bombshell is the upcoming final review by the United States Securities and Exchange Commission (SEC) on the spot Ethereum ETF applications.
Moreover, the majority of altcoins have an operating model similar to Ethereum.
When Can Traders Expect Altcoin Season?
With the total crypto market cap establishing a solid support level of around $2.4 trillion, most altcoins have formed a reversal pattern in preparation for a fresh bull wave.
The ongoing short squeeze of the GameStop Corp (GME) shares, which triggered a fresh meme coin frenzy, has increased hope for a general altcoin rebound.
However, popular crypto analyst The Wolf Of All Streets has argued that the real action is months away. The crypto analyst highlighted that the Bitcoin pump has dominated the crypto industry in the past year despite its market dominance approaching the cycle top in preparation for the inevitable reversal.
“Bitcoin has dominated this cycle, outside of small pumps in select sectors. Memes have gone nuts, but that is generally a temporary rotation from coin to coin, so few people benefit. The real action usually starts 4-6 months AFTER the halving, although history may not repeat,” the crypto analyst noted.
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- Source: https://coinpedia.org/news/why-is-the-real-altcoin-season-still-months-away/
